July was the third stongest month so far this year for residential sales with 19 sales Island wide. The strongest months were April with 33 sales and May with 24 sales. There were also 10 pending sales at the end of July. At the end of that month there were still over 300 residential properties in the active for-sale inventory.
Vacant land sales were down to 5 in July. The strongest months for land sales were January with 8 sales and April also with 8 sales. At the end of July there was only one pending lot sale and over 350 active listings in the inventory.
August residential sales were down to 4 with 10 pending at the end of the month.
Land sales in August were down to 3 with only one pending at the end of the month.
At the time of this post, residential sales for the year (January through August) total 130. Land sales total 49.
It will be interesting to see if we can surpass the total number of residential properties sold in 2007 (147) by the end of this year . . . and the total number of vacant land sales in 2007 ( 70).
Even though the sales may rival what there were last year, the prices of both residential and vacant land properties have been significantly reduced . . . the result of a buyer's market.
The inventory remains too high, which is a good thing for buyers. They have a good selection from which to choose!
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